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The World Needs Commodities
Bank of America economist suggests power, food, energy as the best way to diversify:
While the S&P is an eye-watering 25% off its peak, BofA economist Jared Woodard warned the slide was not over given the world was transitioning from two decades of 2% inflation to a time of something more like 5% inflation.
"$70 trillion of 'new' tech, growth, and government bond assets priced for a 2% world are vulnerable to these secular shifts as 'old' industries like energy and materials surge, reversing decades of under-investment," he wrote in a note.
"Rotating out of 60/40 proxies and buying what is scarce - power, food, energy - is the best way for investors to diversify."
Reuters
Wall Street ends sharply higher, dollar dips on UK U-turn, strong earnings
Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite and boosted the sterling and euro against the greenback.
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